"Oil reserves are rapidly depleting" - IEA Chief Fatih Birol: They only have a few weeks left
Fatih Birol, head of the International Energy Agency, said commercial oil reserves were rapidly dwindling and only a few weeks remained due to the Iran war and the closure of the Strait of Hormuz to ships.
Birol, who stressed that the release of strategic oil reserves had added 2.5 million barrels per day to the market, said these reserves "are not infinite."
"The start of the spring planting season and summer travel in the northern hemisphere will deplete inventories faster, while demand for diesel, fertilizers, jet fuel and gasoline increases," Birol added.
He said that before the US and Israel launched attacks on Iran in late February, there was a huge surplus in oil markets and commercial inventories were very high. But the situation has changed rapidly because of the war.
"Commercial inventories will last "a few weeks, but we must be aware of the fact that they are falling rapidly," Birol underlined.
Last week, the IEA said global oil supplies will fall short of total demand this year as the Iran conflict wreaks havoc on Middle East oil production and reserves are being depleted at an unprecedented rate. The IEA had previously forecast a surplus this year.
Globally monitored oil inventories fell at a record pace in March and April, falling by 246 million barrels, the IEA said in its latest monthly oil market report.
The 32-member IEA coordinated the largest-ever release of stocks from strategic reserves in March, agreeing to withdraw 400 million barrels in an effort to calm markets. About 164 million barrels had been released by May 8.
Total global oil supply will fall by about 3.9 million barrels per day through 2026 due to the war, the agency said, lowering its previous forecast of a drop of 1.5 million barrels per day.
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